1. Welcome The Portland Armory: Combining Historic Tax Credits, New Markets Tax Credits and Green Strategies, Too iped Historic Tax Credits for Developers Los Angeles, California February 8, 2007

2. Historic Overview Built in 1891, originally housed the Oregon National Guard Hosted Opera Singers, Professional Wrestling, Tennis Matches and Presidential visits Most recent life as storage for previously adjacent brewery

3. Redevelopment Challenges Economic need to maintain key historic features to utilize historic tax credits –Bow trusses –Facades –Windows –Entries Inability to alter the façade limited street presence, daylighting for retail or office use Seismic requirements presented engineering challenges Inability to build up or out – lot and FAR maximized

4. Redevelopment Alternatives Demolition and Replacement. Not seriously considered - Owner recognized value in preserving iconic building. Fitness club. Negotiations were well underway. Economically viable – market rents & potential to take advantage of historic tax credits. Performing Arts Theater? Fit with physical limitations of space, but economically deeply challenging.

5. Redevelopment Goals Preserve an iconic Portland building Create world-class performance spaces Push the sustainability envelope Build a lasting, dynamic community asset

6. Redevelopment Results ExteriorAdministrative OfficesLobby & Mezzanine

7. Redevelopment Results “Fire Wall”Theater Reception AreaMain Stage Theater

8. Redevelopment Results Main Stage Theater seats 599 Studio Theater seats up to 200 Lobby and mezzanine can host events in excess of 200 people Portland Center Stage administrative offices and rehearsal space housed in the trusses

9. The Old and the New

10. Ongoing community engagement key project goal –Community events held inside and outside the building –Technology used to educate community about the building –Sustainability and historic preservation are at the heart of the building’s story

11. Financing

12. Thank you. The Portland Armory: Combining Historic Tax Credits, New Markets Tax Credits and Green Strategies, Too iped Historic Tax Credits for Developers Los Angeles, California February 8, 2007